Has saving for your kid’s college fund become overwhelming? With the rising costs of education, are you growing more concerned about how you are going help contribute to your child’s education?
Whole life insurance is a great vehicle that not many people are taking advantage of. With 4% annual interest rates and mutual companies paying 5% of that in dividends, it is a great option. It not only can help you save for your children’s education, but it can also set them up for retirement, let me give you an example:
If you put $175 into a whole life insurance policy for a three year old, by the time they are 18 there would be almost $30,000 for college in the cash value account. At age 70 there would be almost 1 million dollars in cash value, and a 1.5 million dollar benefit. What a gift!
Now some may not have $175 a month to spend, but even if you put $50 aside, you would have about $10,000 in cash value at the age of 18, and at 70 around $300,000. The rate never increases.
If you would like to know more about this or get a quote, please email me at firstname.lastname@example.org.